Iraq May Receive Financial Aid Package in 2016 and Beyond

SHAFAQNA- The Iraqi government could receive $6.4 billion from organizations and donors in 2016, according to Reuters. Iraq has commenced negotiations with the International Monetary Fund (IMF), and authorities could receive $15 billion in assistance over the next three years. Iraq’s economy is nearly in tatters, which is primarily due to warfare and lower oil prices. Negotiations for the $15 billion aid package could end in June.

The IMF agreement is not set in stone, but under the current terms, Iraq would receive a portion of the $15 billion from the organization itself, and the rest would derive from outside groups. As of now, the government has no viable means of sustaining development on its own. War against the Islamic State and a lower-priced oil market takes a toll on the economy, but officials are also dealing with the fallout from damaged infrastructure, causing trepidation among investors.